Getting Loans on Land Acquisitions???

[Cassidy Burns]

Hi BP,

I have an opportunity to purchase a 92 Acre plot of beautiful land w/ 3 homes on the land as well in SW Virginia.  I own quite a few smaller multifamily investments in this town but have never purchased a larger plot of land like this so i'm  looking more in to what I can do with it (build other single family homes, storage, smaller multifamily?) 

But my question is, are you seeing that different loans are being lent on for land acqusitions ? Are they loaning buisness loans? 

Looking forward to learning a little more about this as its new to me.

Best,

[Tim Johnson]

The guy i use is 50% of purchase unless you have a plans, specs, zoning and all the fun stuff in place, then they do 75% of purchase. I normally due cash purchase, get my ducks in a row, then sometimes I will do a cash out refi on the property to cover soft costs. Then they cash out refi at 80% LTV with permits, zoning, and roads in place. I don't know of a low cost of entry product on the market for raw land.

I have heard patch of land, or land patch something like that has a nice program, but I have never reached out to them